How to Buy a Home During the Coronavirus Pandemic

If you have been trying to, or are buying a home during the Coronavirus pandemic, there are many things to keep in mind. Obviously no one saw this whole thing coming. Shutting down businesses overnight, social distancing, and a potential market crash? No one planned on this, but it’s happening. We need to stay calm and work through it. The real estate market may take a hit, but there are still many deals going on, and there are people who need to buy and sell within the next couple of months. With the interest rates so low, it’s still a great time to buy – just consider these next few things…

Homes Will Be Withdrawn From The Market – Either Coming Back on Later, or Not at All.

Although Realtors are still working remotely, there are some people that will withdraw their home from the market. Most will put it back on for sale once this pandemic is over, and some may be rethinking moving now. If there is a home you’ve been interested in, make sure your Realtor knows and they will keep tabs on the home for you. They know who has that listing and will be able to reach out to them regarding what the sellers plan to do in the future.

With the social distancing in effect many people are working and schooling from home. Withdrawing a home from the market makes sense to some homeowners. They don’t want to hold showings or Open Houses. Many brokers have actually outlawed Open Houses until further notice. Some sellers may be sick or have compromised immune systems and just don’t want to deal with selling at this time. Still others may have realized that their new financial situation (or loss of a job) means they won’t be able to move forward with their purchase on another home or purchase in another state. Thus, they may be unable to move at all.

Adjusted Showings For Buying During The Coronavirus – Adjust Your Expectations

As everyone tries their best to adjust during this pandemic, Real Estate is no different. Holding virtual tours is a big go-to. An agent can do live streaming of a home, without any buyers needing to enter the home. Through many devices, your Realtor can show you any home (that allows Realtors in at this time) virtually. You may still ask questions and see every part of the home. It may not be ideal, but for the time being, it works.

Some sellers are offering in person showings still – at your own risk. My clients have all decided to wait at this time, and I’m glad. The less we are out, the less this Coronavirus will spread. Some sellers are offering by appointment only showings, or vacant home showings. The listing agent is expected to keep the home clean and disinfected, and maintain a 6 foot distance from potential buyers. Buyers are expected to wear gloves or only touch what is necessary. There is still a big risk in doing this, however. My advice would be to take a break, or do virtual showings.

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What A Buyer Can Do During This Time

If you are buying a home during the Coronavirus pandemic, there are things that you can do while you wait:

• Voice your concerns to your agent. Let them know your situation. Do you NEED to buy a house within a certain timeframe? Has that timeframe changed?
• Think about the homes your were able to see before this whole thing started. Did any of those have great potential that you would still consider? Are they still available? What styles did you like best?
• Take this time to reevaluate what you really need/want in a home. If you have seen several homes, what did you love or hate about them? Slow down and think about what you are really looking for.
• Speak with your lender. Has your financial situation changed? Have you lost hours or are you managing to work from home? Will your business survive this pandemic? Make sure you can still afford to buy a home – or consider an alternative.
• Virtual Showings. See what your Realtor is offering at this time- and if they are able to get in to see any of the homes you are interested in for a virtual showing.

If You Are Already Under Contract On A Home

Homes are still getting into attorney review and UC during this virus outbreak. Negotiations & document signing can all be done remotely. So, if you still have a house that you want to go for, do it! Unless you will not be able to afford the house or close your loan due to loss of a job, there’s no reason you can’t purchase a home right now. Inspections and appraisals are still happening. Walk-throughs and closings are still happening. Yes, some things may be done a bit differently, but you can still close on your home in most circumstances.

If the home your are purchasing is contingent on the seller buying a new home and they just found themselves out of work, you may have a problem. The seller may not be able to purchase their new home, making it impossible for you to buy theirs. Keep this in mind if you are in a contingency. There a lot of trickle-down effects happening.

Some Buyers (Or Sellers) May Need To Back Out Of A Deal

Although it’s no fun – you might find yourself backing out of a deal. With the economy so uncertain, many struggling financially, and faith in humanity wavering, some buyers are backing out. Be sure to speak with your lender about your situation. Talk honestly with your agent as well. Although I’m sure they could really use the sale of the house right now – as many Realtor’s only source of income is commission, you won’t be forced to continue with the contract if you are financially incapable.

This also means that certain homes may become available again. So, keep an eye on what’s going on out there. A house you loved could come back on the market and now you have a second chance to buy it.

All in all, there are still many people buying a home during the Coronavirus pandemic. From my current experiences and speaking with other Real Estate professionals, the real estate market is fine. New listings are even coming on still. People still need to sell their homes, and people still need to buy. It may not be the Spring Market we were all expecting, but we need to work with it.